KIP REIT completes RM435m Setapak Central Mall acquisition

KIP Real Estate Investment Trust (KIP REIT) has finalized the RM435 million acquisition of Setapak Central Mall in Kuala Lumpur. The three-storey shopping mall features a net lettable area of 514,777 square feet and maintained an occupancy rate of 99.89% as of February 2026. The purchase price aligns with a market value assessed by CBRE WTW Valuation & Advisory Sdn Bhd.

Separately, KIP REIT CEO Valerie Ong Pui Shan has called for the reinstatement of a 10% withholding tax mechanism for REIT distributions in the upcoming Budget 2027. The request aims to maintain the attractiveness of the asset class following the expiration of the preferential tax rate at the end of the 2025 year of assessment. The Malaysian REIT Managers Association (MRMA) has also supported this call, suggesting that a higher tax burden could impact the competitiveness of Malaysian REITs.